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Appearing in Southport Magistrates Court on 22 June, David McWilliams faces 13 criminal charges following an investigation by the Australian Securities and Investments Commission (ASIC) into the alleged misuse of funds intended for specialist disability accommodation projects.
If convicted, McWilliams faces a maximum penalty of 20 years’ imprisonment.
ASIC alleges that between July 2021 and October 2023, more than $10.1 million raised from investors for disability housing developments across Queensland and Western Australia was diverted to unrelated purposes, including cryptocurrency investments, property acquisitions, a pub in Whyalla (South Australia), and the purchase of an Aston Martin.
Additionally, the regulator also alleges that investor funds were used to acquire a luxury high-rise apartment in Surfers Paradise and invest in a Seychelles-based litigation funder.
According to ASIC, six specialist disability accommodation projects are associated with the charges. While work began on one project, none were completed.
The regulator alleges McWilliams raised funds for the developments through companies associated with the ALAMMC group. Receivers later found the companies had raised more than $90 million from over 500 investors for specialist disability accommodation projects.
ASIC’s investigation began in July 2024 after it received information from Queensland’s Office of Liquor and Gaming Regulation, which suspected investor funds raised for property developments may have been used for gambling activities.
The regulator has now obtained Federal Court freezing orders in September 2024 to preserve assets linked to its enforcement action. The ALAMMC companies were later wound up on just and equitable grounds in October 2025.
ASIC also commenced separate criminal contempt proceedings against McWilliams and his wife, Laura Fullarton, in November 2025. A trial was held earlier this month, and judgment has been reserved.
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